Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said it's reasonable for policymakers to plan on two interest-rate cuts this year, emphasizing that the central bank...
The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just above $120,000, after this week pushing to an all-time peak of $123,153.22, with...
Gold prices rose on Friday (July 18th), but were on track for a weekly decline as concerns about the US Federal Reserve's independence eased and strong US data emerged, while platinum rose to a nearly 11-year high. Spot gold rose 0.3% to $3,349.49 an ounce, as of 08:34 GMT, after falling 1.1% in the previous session. Bullion has fallen 0.2% so far this week. US gold futures fell 0.3% to $3,354.70. The US dollar, open a new tab, fell 0.4% for the day, but was headed for a second straight weekly gain. A stronger dollar tends to make gold more expensive for buyers holding other...